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Fidelity Special Values’ Wright buys defensives after bumper six months

The star fund manager of Fidelity Special Values (FSV) is spotting value in defensive stocks.

This marks a change for Alex Wright who has benefited from the recent bounce in economically-sensitive stocks, known as ‘cyclicals’. Wright, who has Citywire AA-rating for the open-ended funds under his management, seeks to identify companies that are undervalued by the market.

Over the six months to March his stock selection in financials spurred performance, particularly US bank Citigroup whose shares surged 29.9% following a rise in US interest rates and amid hopes of lower taxes and looser regulation from president Trump.

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